Credit Card Interest Calculator Canada｜Minimum Payment Cost Explained

Credit Card Interest Cost Calculator (Canada)

See how much interest you pay if you only make the minimum payment. Standard purchase APRs in Canada are often around 19.99%–25.99%, with 19.99% being a common “standard” rate. :contentReference[oaicite:2]{index=2}

Current card balance (CAD)

Enter your statement balance or current outstanding balance.

Purchase APR (default 19.99%)

Many Canadian cards list purchase APRs around 19.99%–25.99%. :contentReference[oaicite:3]{index=3}

Minimum payment rate (%)

Minimum payment rules vary by issuer and province. Quebec residents have a 5% minimum payment rule as of Aug 1, 2025. :contentReference[oaicite:4]{index=4}

Minimum dollar amount (CAD)

Many issuers have a minimum like $10 even on small balances (check your agreement).

I’m in Quebec → set minimum payment rate to 5% Show “minimum + extra payment” scenario This is an estimate tool. Interest is typically calculated daily by issuers; your statement/transaction timing can change results. :contentReference[oaicite:5]{index=5}

Extra payment each month (CAD)

See how a small extra payment changes interest over 12 months.

Calculation horizon 12 months 24 months 36 months

“12 months” is the default for shock-value and shareability.

Results

Month	Start balance	Payment	Interest	End balance

Notes:

• This is an estimate using a monthly-rate approximation (APR/12). Many issuers calculate interest daily; actual results can vary.
• Minimum payment formulas vary by issuer and region; Quebec has a 5% minimum payment rule as of Aug 1, 2025. :contentReference[oaicite:6]{index=6}